Borrowings and Financing Activities (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

the carrying value of our debt, other than our securitized nonrecourse debt related to consolidated VIEs as discussed in Note 7, was as follows.

Borrowings
				December 31,
($ in thousands)	Interest rate			2024		2023
Senior notes
Senior Notes due 2024		4.500	%	$	—	$	449,037
Senior Notes due 2025		6.625	%		—		522,343
Senior Notes due 2027		4.875	%		447,461		446,401
Senior Notes due 2029		6.200	%		617,876		—
Total senior notes				$	1,065,337	$	1,417,781

				December 31,
($ in thousands)	Average interest rate (1)			2024		2023
Secured borrowings
Mortgage loan financing facilities		6.647	%	$	492,429	$	24,199
FHLB advances
FHLB advances due 2024	N/A				—		72,871
FHLB advances due 2025		3.878	%		36,143		12,684
FHLB advances due 2026		4.469	%		1,835		1,835
FHLB advances due 2027		2.562	%		7,887		7,887
Total FHLB advances					45,865		95,277
Total secured borrowings				$	538,294	$	119,476

N/A – Not applicable

(1)As of December 31, 2024. See “FHLB Advances” and “Mortgage Loan Financing Facilities” below for more information.

Schedule of Interest Expense

Interest expense consisted of the following.

Interest expense
	Years Ended December 31,
(In thousands)	2024		2023		2022
Senior notes	$	80,020	$	81,246	$	80,999
Mortgage loan financing facilities		20,008		3,507		14
Loss on extinguishment of debt		4,275		—		—
FHLB advances		2,430		3,454		1,923
Revolving credit facility		1,281		1,374		1,282
Other		—		114		236
Total interest expense	$	108,014	$	89,695	$	84,454